PLASTIC BECOMES ONE OF THE MOST MAJORLY TRADED PRODUCTS IN THE PHILIPPINES

 PLASTIC AND PLASTIC PRODUCTS MARKET OF THE PHILIPPINES




In the last few years, the market size of plastic and plastic items has grown unconventionally. This market is rapidly growing and has started contributing a good percentage of GlobalTrade Data too. Manufacturers of plastic items are producing plastic for some of the most primary purposes like packaging, furniture, electronics, shipment, etc. Although various markets and industries were shut down during the pandemic era, on the other hand, the plastic market size was continuously growing as the use of plastic increased in packaging and shipment purposes as people started shifting online to fulfill their daily needs. 

Coming towards the plastic market of the Philippines, then in this country, the plastic market is segmented into various major lines – type, technology, and application. Various types of plastics available in the Philippian market are traditional plastics, bioplastics, and engineering plastic. Similarly, based on technological needs and applications, plastic is made available.

The Philippine plastic market is all set to rise at a CAGR of 5%+ during 2020-2027. The main reasons why the Philippine plastic market is on a rise are:

  1.         Growing demand for packaging, electric gadgets, and construction in the nation.
  2.         Rising imports in the country in the form of raw materials and finished goods.
  3.         Regular advancements and technological developments in the country.


THE PHILIPPINES TRADE DATA INSIGHTS AND TRENDS


PHILIPPINES PLASTIC TRADE TRENDS – (2017-2021)

YEAR

IMPORTS

EXPORTS

REMARKS

2017

USD 3.22 billion

USD 713.12 million

Trade deficit

2018

USD 3.79 billion

USD 911.76 million

Trade deficit

2019

USD 3.71 billion

USD 1.02 billion

Trade deficit

2020

USD 3.15 billion

USD 895.41 billion

Trade deficit

2021

USD 4.41 billion

USD 1.26 billion

Trade deficit

 

From the table, we can confirm that in the last 5 years, the Philippines Import Data is always more than the Philippines Export Data by a quite big margin. This shows that there is a huge gap between the supply and demand of plastic items in the nation and to fulfill that, the Philippines imports the same from different countries.

Some of the most dominant competitors of this industry in the country are JG Summit Petrochemical Group, followed by NPC Alliance Corporation, and Petron Corporation.


TOP 10 IMPORT PARTNERS OF THE PHILIPPINES FOR PLASTIC AND PLASTIC ITEMS

Based on the insights and details shared by the Philippines Import Data for the year 2021, the top 10 countries from whom the Philippines imports plastic and plastic items are:


S. NO

COUNTRY

PH IMPORTS

01

China

(USD 1.01 billion)

02

Japan

(USD 722.67 million)

03

Thailand

(USD 555.06 million)

04

Malaysia

(USD 435.67 million)

05

South Korea

(USD 323.73 million)

06

Singapore

(USD 321.13 million)

07

The United States

(USD 147 million)

08

Indonesia

(USD 111.69 million)

09

Vietnam

(USD 99.50 million)

10

Saudi Arabia

(USD 66.68 million)

 

TOP 10 EXPORT PARTNERS OF THE PHILIPPINES FOR PLASTIC AND PLASTIC ITEMS


Moving forward, in this section we are going to analyze the top 10 countries to whom the Philippines exports plastic and plastic items the most based on the Philippines Export Data for the year 2021.


S. NO

COUNTRY

PH IMPORTS

01

Japan

(USD 524.35 million)

02

China

(USD 187.67 million)

03

The United States

(USD 120.61 million)

04

Vietnam

(USD 111.61 million)

05

Indonesia

(USD 41.20 million)

06

Malaysia

(USD 38.39 million)

07

Thailand

(USD 28.83 million)

08

Belgium

(USD 27.23 million)

09

Australia

(USD 23.98 million)

10

India

(USD 17.22 million)

 

Most of the plastic and plastic items are shipped from the Philippines to Japan, followed by China and then the United States.

CONCLUSION

After studying the complete report, it is evident that the plastic and plastic item market is growing rapidly. Due to new and advanced technological advancements and growth prospects, the plastic market in the Philippines is booming. In the Philippines itself, the plastic and plastic product market is the 6th most favorite imported goods whereas, plastic products are the 8th most favorite export products in the year 2021.  We recommend all the traders and marketers who deal in plastic and plastic products to perform trade with the Philippine market.

For more such amazing and insightful reports, get in touch with us. If you are keen on getting the most authentic and accurate Philippines Trade Data report, then reach out to us via mail at info@tradeimex.in or simply visit our website for more insights at www.tradeimex.in.

Location: Manila, Metro Manila, Philippines

Comments

Post a Comment

Popular posts from this blog

THE UNITED STATES EXPERIENCED GROWTH IN ITS IMPORTS AND EXPORTS IN 2022

Image
  THE UNITED STATES EXPERIENCED GROWTH IN ITS IMPORTS AND EXPORTS IN 2022 In the year 2022, the US Trade Data showed a rise in imports as well as exports with other countries like China. Although there is a tussle going on between the US and China, both countries are still exchanging their goods and services in large quantities to facilitate their trade data. IMPORTS AND EXPORTS TRENDS TO AND FROM THE UNITED STATES Based on the US Export Data for the year 2022, the country exported goods to over 70 countries at record-breaking values. Still, the nation is experiencing a trade deficit of USD 1.2 trillion. In 2021, this value was USD 101.2 billion. The only cause behind this enormous trade deficit is that along with exporting, the US imported goods also from 90+ countries as mentioned in the US Import Data for the same year. Based on the values mentioned in the US Import Data for the year 2022, the US imported goods worth USD 537 billion only from China which was USD 505 billi
Read more

IMPACT ON PHILIPPINES TRADE DATA DUE TO THE GROWING INFLUENCE OF CHINA IN THE SOUTH CHINA SEA

Image
  WHAT IS SOUTH CHINA SEA The South China Sea is one of the prominent seas that is located in the Western Pacific Ocean. This sea is surrounded by land from all sides. Beginning with the north, it shares its shores with Southern China. In the western direction, the sea shares its boundaries with the Indochinese Peninsula. Following this, in the eastern corner, the sea passes through the boundaries of Taiwan islands, and the northeastern part of the sea shares its boundaries with the Philippines. The length of this South China Sea is approximately 3,500,000 km2. This sea is of much importance when it comes to trading goods from one country to another via sea routes. It has been estimated that one-third of the total sea trade happens through this sea route only. It has been found that rich reserves of oil and natural gas are present beneath this sea. WHY CHINA WANTS 100% CLAIM OVER THE SOUTH CHINA SEA? The South China Sea is sometimes referred to as the disputed sea as China want
Read more

WHAT IS THE IMPACT OF DE-DOLLARIZATION ON THE GLOBAL ECONOMY?

Image
WHAT IS DE-DOLLARISATION? De-dollarization is a term that is given to the situation wherein countries across the globe start reducing the dominance of the US dollar as their only option for international trading, mode of exchange, and as a universal unit. Many years back during the times of World War-1, the sterling pound was the mode of currency that was used across the globe as a standard unit of measurement. As the war came to an end, the US dollar started displacing the sterling pound and gradually became the primary mode of currency. Since then, till now, the US dollar has been the widely used primary mode of currency, which is now losing its value as other countries are trying to go for other alternatives. WHY ARE COUNTRIES SHIFTING THEIR MODE OF CURRENCY FROM US DOLLAR? At first, using the standard mode of currency under the Bretton Woods Agreement as US Dollar was benefiting other countries as the value of the USD was far better than stocks or gold. By the year 1970, th
Read more